DealBook Online

By BEN PROTESS, EVELYN M. RUSLI, and MICHAEL J. de la MERCED

Published: May 26, 2011

SEEKING CLARITY Members of the Commodity Futures Trading Commission, the agency responsible for putting into effect Dodd-Frank's restrictions on derivatives trading, told lawmakers on Wednesday that the exact scope of the law was vague.

''I think that we need to cut through that morass to provide some certainty to market participants who are concerned about what laws are going to apply to them,'' said Bart Chilton, above, a commissioner. His comments echo larger complaints made by banks and other financial firms, which argue that the Dodd-Frank rules could push derivatives business and profits overseas. BEN PROTESS

SOCIAL MEDIA FILTER Most Wall Street employees can't access sites like Facebook and Twitter, a barrier set by banks to control the dissemination of information. But Morgan Stanley's wealth management division announced on Wednesday that it planned to give its financial advisers access to Twitter -- up to a point.

While the lure of Twitter is its immediacy, Morgan Stanley employees won't be sending anything out unscripted. All posts must first be approved by the firm.

INAUGURAL CLASS Peter Thiel, left, a venture capitalist, announced on Wednesday the fellows of his 20 Under 20 program, a nonprofit initiative that grants $100,000 to students under the age of 20 to drop out of college and pursue their interests for two years. The budding entrepreneurs will also have access to an extensive network of technology mentors. EVELYN M. RUSLI

THE WINNING BID Golden Gate Capital agreed on Wednesday to buy California Pizza Kitchen for about $470 million, ending a sales process that had stretched on for more than a year.

Under the terms of the deal, Golden Gate will pay $18.50 a share through a tender offer that will begin no later than June 8. The price is nearly 11 percent higher than California Pizza Kitchen's closing share price on Tuesday. MICHAEL J. de la MERCED